Author: Faith Yakubu

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The first edition of the Trump Digital Trading Card NFTs has experienced a significant downturn in sales, with trading volumes plummeting by 99% over the last 30 days. Data from OpenSea reveals a stark decline in transactions, with no activity recorded in the past week. This marks a sharp contrast from the initial buzz surrounding the collection, which generated over $50 million in total trading volume since its launch in December 2022.

Trump’s Relationship with Crypto

Former U.S. President Donald Trump has shown increasing interest in crypto and bitcoin, evident from his foray into the NFT market with the release of digital trading cards. However, waning interest in the original collection coincides with Trump’s upcoming criminal trial, where he faces allegations of falsifying business records related to hush money payments.

Comparison to Overall NFT Market

While overall NFT trading volumes have moderated compared to the frenzied activity of 2021, the broader market has exhibited relative stability in recent months. Ethereum-based NFT sales volumes reached $489 million in March, according to CryptoSlam! data, indicating ongoing activity despite the subdued performance of specific collections like Trump’s.

Second Series Performance and Promotions

In contrast to the decline in the first edition, the second series of Trump’s digital trading cards has seen relatively better performance, albeit with a 57% decrease in trading volumes over the past 30 days. Recent promotions for the collection included the opportunity for collectors to win a dinner invitation with Trump at Mar-a-Lago, scheduled for May 8, as announced on X.

Ownership and Management of NFT INT LLC

NFT INT LLC, the entity responsible for managing the NFT drops and promotions, operates independently from Donald J. Trump, The Trump Organization, and affiliated entities. While the website for the digital trading cards states that NFT INT LLC holds a paid license from CIC Digital LLC to use Trump’s name and likeness, Trump’s previous association with CIC Digital LLC has raised questions about ownership and management.

The minting of NFTs based on Trump’s likeness occurs on the Polygon blockchain, adding a layer of digital authentication to the collection.

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BlackRock’s IBIT spot bitcoin exchange-traded fund (ETF) has achieved a significant milestone, with total inflows surpassing $15 billion within just three months since its launch on January 11. This remarkable achievement places IBIT among the top 100 ETFs by assets under management (AUM), highlighting the strong demand for exposure to bitcoin among investors.

Dominance in Spot Bitcoin ETF Inflows

BlackRock’s IBIT has emerged as a leader in yesterday’s inflows for U.S. spot bitcoin ETFs, attracting $192.1 million. This surge in inflows outpaced the $124.9 million in outflows from Grayscale’s higher-fee GBTC fund, according to data from CoinGlass. Bitwise’s BITB, Valkyrie’s BRRR, and Fidelity’s FBTC also experienced notable inflows, contributing to the overall growth of the spot bitcoin ETF market.

Renewed Marketing Efforts

The milestone achievement coincides with a renewed advertising push for BlackRock’s IBIT, as competition intensifies in the ETF market. iShares, BlackRock’s ETF division, has ramped up its marketing efforts to promote the IBIT product, with banner ads appearing prominently on platforms like Bloomberg. The increased visibility underscores the escalating marketing battle among ETF providers vying for investor attention.

Steady Trading Volume and Asset Growth

Despite fluctuations in bitcoin’s price, trading volume for spot bitcoin ETFs remained steady, with IBIT leading in trading activity. However, daily volume saw a decline from its peak on March 5, indicating a stabilization in trading activity following previous surges. Meanwhile, BlackRock’s IBIT continues to experience significant asset growth, nearing the $20 billion mark in AUM. The fund’s rapid ascent in assets underscores its popularity among investors seeking exposure to bitcoin.

Overall, the success of BlackRock’s IBIT spot bitcoin ETF highlights the growing demand for cryptocurrency investment vehicles in the traditional financial market. With its rapid inflow growth and increasing market presence, IBIT is poised to remain a key player in the evolving landscape of digital asset investment.

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Russian authorities have conducted raids on four major “illegal” data centers in Siberia, resulting in the seizure of over 3,200 cryptocurrency mining rigs. The Novosibirsk branch of the Russian power provider Rosseti, in collaboration with law enforcement agencies, led the crackdown on these illicit operations.

Criminal Charges Filed Against Mining Center Operators

According to reports from Rosseti via RBC Crypto, police have leveled criminal charges against the operators of these mining centers. The facilities were identified as part of an interconnected “network” of illegal crypto-mining operations scattered throughout the city of Novosibirsk.

Massive Electricity Theft Uncovered

Rosseti revealed that the illicit mining centers collectively stole an estimated $2.1 million worth of electricity from the Novosibirsk power grid. During the raids, authorities confiscated nine power transformers along with the 3,225 cryptocurrency mining devices.

Widespread Presence of Illegal Mining Farms

Novosibirsk, the largest city in Siberia, has emerged as a significant hub for Russia’s rapidly growing crypto mining industry, alongside Irkutsk located nearly 2,000km to the east. However, concerns have arisen over the surge in illegal mining activities, characterized by unauthorized connections to the power grid for electricity theft.

Police Crackdown and Legal Ramifications

In a coordinated effort, Novosibirsk police officers shut down operations at all four illegal crypto-mining farms simultaneously. The raids targeted facilities located near a wastewater treatment plant, in a forest on the outskirts, near a city landfill, and within a private sector area. Despite the sophisticated power equipment used by the operators, none of the centers were authorized to connect to the power grids.

Officials have pressed charges against the operators, highlighting the severity of the electricity theft. If convicted, the perpetrators could face significant jail time for their involvement in illegal crypto-mining operations.

The crackdown underscores the ongoing battle against illicit cryptocurrency activities, emphasizing the need for regulatory enforcement to maintain integrity within the industry.

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Shiba Inu, renowned for its innovative approach in the blockchain sphere, has made history as the first layer 2 blockchain to join forces with the Content Distribution and Security Association (CDSA) in a bid to revolutionize blockchain technology for content security and distribution, with a primary focus on the media and entertainment sector.

In collaboration with the Content Distribution and Security Association (CDSA), Shiba Inu aims to introduce and develop blockchain solutions tailored specifically for the media and entertainment industry, with a strong emphasis on enhancing security protocols and optimizing content distribution mechanisms.

The partnership between Shiba Inu and CDSA signifies a significant step towards leveraging blockchain technology to combat prevalent concerns within the AI sector, including the proliferation of deepfakes and plagiarism. By integrating blockchain solutions, Shiba Inu seeks to address these challenges and foster a more secure and transparent ecosystem for content creation and dissemination.

Shytoshi Kusama, the lead developer at Shiba Inu, expressed enthusiasm about the collaboration, highlighting the opportunity to contribute a unique blockchain perspective to CDSA’s initiatives. Kusama emphasized the importance of leveraging innovative technologies like blockchain and artificial intelligence to empower media and entertainment executives in navigating the rapidly evolving digital landscape.

According to Shiba Inu developers, blockchain technology holds immense potential in mitigating the risks associated with AI-driven technologies, particularly in safeguarding against unauthorized manipulation and ensuring the integrity of digital content. As AI models increasingly rely on publicly available data for training, the integration of blockchain solutions can offer enhanced security and traceability, thereby bolstering trust and accountability within the AI ecosystem.

Despite the broader market’s positive momentum, with SHIB tokens registering a modest 0.69% increase in the past 24 hours, Shiba Inu’s commitment to pioneering blockchain solutions for content security and distribution remains steadfast, underscoring its dedication to driving innovation and addressing critical industry challenges.

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Bitcoin’s price surged on Thursday following the European Central Bank’s (ECB) decision to maintain interest rates, marking the fifth consecutive meeting without a change in rates.

The largest cryptocurrency by market capitalization saw a 1.5% increase over the past 24 hours, reaching $69,607 at 11:16 a.m. ET, according to data from The Block’s Price Page. This uptick in Bitcoin’s value came amidst a broader pullback in global markets, with major equity indices experiencing declines.

Despite the Dow Jones Industrial Average falling for the fourth consecutive day and the S&P 500 and Nasdaq Composite also slipping, Bitcoin managed to defy the downward trend. In Europe, the regional Stoxx 600 index and London’s FTSE also recorded losses.

The ECB’s decision to keep interest rates unchanged at historic highs, with the key interest rate remaining at 4%, the main refinancing rate at 4.5%, and the marginal lending facility at 4.75%, contributed to Bitcoin’s positive momentum. The central bank emphasized the need for further evidence of sustained inflation convergence before considering a reduction in monetary policy restrictions.

Konstantin Veit, a Portfolio Manager at PIMCO, suggested the possibility of ECB rate cuts in June if incoming data aligns with projections outlined in March. Veit anticipates cautious rate reductions of 25 basis points once initiated, with market expectations adjusting to reflect potential reductions. However, Veit emphasized the presence of risks leaning towards fewer rate cuts, citing factors such as persistent services inflation, a resilient labor market, loose financial conditions, and ECB risk management considerations.

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On Wednesday, Grayscale’s bitcoin (BTC) exchange-traded fund (ETF) witnessed an unprecedented daily outflow of approximately $18 million, marking a significant departure from its usual outflow patterns since its inception in January. Reports from Bitmex Research and Farside Investors revealed this record-low figure.

This notable development comes shortly after Grayscale CEO Michael Sonnenshein indicated that outflows from the Grayscale Bitcoin Trust (GBTC) are approaching an “equilibrium,” suggesting that the selling pressure associated with settlements of bankrupt crypto firms like FTX has largely subsided.

Analysts at Coinbase Institutional have speculated that the recent uptick in GBTC selling could be attributed, at least in part, to Genesis selling shares as part of its bankruptcy proceedings.

Since its launch, the GBTC product has witnessed a staggering $15 billion in bitcoin outflows and has experienced consistent outflows almost every week, contributing to downward pressure on the asset.

Furthermore, the ETF imposes the highest annual fees among its counterparts, standing at 1.5% of holdings, compared to rates as low as 0.19% for Franklin Templeton’s EZBC.

Despite these challenges, bitcoin continues to trade resiliently, hovering just above $70,600 during European morning hours, reflecting a 2.2% increase in the past 24 hours. The broader CoinDesk 20 index also saw a 1.7% rise.

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Bitfinex Securities El Salvador S.A. de C.V., a leading tokenized securities platform, is driving an innovative initiative to finance the construction of a Hampton by Hilton hotel complex at El Salvador International Airport through a tokenized debt issuance.

The token, dubbed HILSV, will be pegged to the U.S. dollar and tether (USDT) and will be issued on the Liquid Network, a bitcoin sidechain, as detailed in a recent press release.

This groundbreaking tokenized debt offering, marked by the launch of HILSV, signifies a significant milestone in the development of El Salvador’s capital markets. Bitfinex Securities has partnered with Inversiones Laguardia (HILSV), a reputable entity in El Salvador, to oversee the tokenized debt, with Ditobanx managing the tokenization and structuring of the transaction on the Liquid blockchain.

HILSV seeks to raise $6.25 million and will offer a 10% coupon over five years, with a minimum investment threshold of $1,000. Inversiones Laguardia S.A. de C.V. will facilitate the issuance of the tokenized debt.

The raised funds will be allocated towards the development of a 4,484-square-meter hotel complex, boasting 80 rooms, five commercial spaces, a swimming pool, restaurants, and various amenities across five levels. While Hilton Hotels is associated as a franchisor, it does not endorse any offering and bears no responsibility.

Despite Hilton’s limited involvement, the project is anticipated to create significant economic opportunities, with approximately 1,000 jobs during construction and up to 5,000 direct and indirect jobs upon operationalization.

Paolo Ardoinio, Bitfinex Securities CTO, hailed the launch of HILSV as a pivotal moment for El Salvador’s capital market, offering investors access to previously unavailable asset classes while enabling issuers to tap into new funding sources.

Roberto Laguardia, President of Inversiones Laguardia, emphasized the transformative impact of the project, leveraging digital asset laws to unlock capital markets and foster economic growth.

Bitfinex Securities made history in January by becoming the first regulated entity to secure a license for operation in El Salvador under the nation’s Digital Asset Securities Law. This landmark achievement aligns with the growing demand for regulated investment avenues, following the successful introduction of U.S. spot bitcoin exchange-traded funds.

Building on its momentum, Bitfinex Securities is set to unveil a series of financial asset issuances in the first half of this year, following the success of its tokenized bond offering in Kazakhstan.

El Salvador’s proactive stance on crypto adoption, including granting Bitcoin legal tender status and launching the “Adopting El Salvador Freedom Visa” program, further underscores its commitment to fostering innovation and financial inclusion.

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Cryptocurrency exchange Luno has become one of the inaugural firms to secure a license from South Africa’s Financial Services Conduct Authority (FSCA), solidifying its status as a recognized financial services provider within the country.

The granting of the financial services provider license to Luno comes in the wake of the FSCA’s classification of crypto assets as financial products under the Financial Advisory and Intermediary Services Act of 2002 (FAIS).

Expressing enthusiasm about this milestone, Christo de Wit, Luno’s South Africa country manager, underscored the significance of being the premier licensed crypto asset service provider in the nation. He emphasized Luno’s decade-long commitment to the crypto market and its dedication to ensuring compliance, safety, and security for its clientele.

Luno, initially launched in 2013, operates as a crypto exchange alongside offering a cryptocurrency investment app, extending its services to over 40 countries across Europe, Africa, Asia, and Australia.

The FSCA’s move to authorize operating licenses for 59 cryptocurrency exchanges signifies a broader regulatory framework taking shape. Out of over 300 South African crypto providers seeking permits, only 59 have met the FSCA’s criteria for approval. As per regulatory mandates, digital asset exchanges must obtain permits to conduct operations within the country.

In alignment with its stance on regulatory oversight, the FSCA had previously classified cryptocurrency assets as financial products in 2022, underscoring the necessity for regulation to safeguard financial consumers and combat illicit financial activities like money laundering and terrorism financing. Exchanges were given until November 30 to apply for licenses, failing which they risked enforcement actions.

The FSCA’s approach to regulating crypto assets, outlined in 2021, emphasizes a phased and structured integration into the South African regulatory landscape. With a surge in retail interest in crypto assets, the FSCA remains vigilant against instances of consumer abuse, fraud, and market misconduct, both domestically and internationally. Recent media reports have highlighted schemes exploiting crypto assets, further reinforcing the imperative for regulatory intervention to uphold market integrity.

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Auradine, a web infrastructure startup, and Bitcoin miner manufacturer, has secured $80 million in a Series B funding round as it prepares for the upcoming Bitcoin halving event and the shipment of its Teraflux Bitcoin miners.

The funding round, described as “oversubscribed,” saw participation from a range of investors, including StepStone Group, Top Tier Capital Partners, MVP Ventures, Maverick Capital, Celesta Capital, Mayfield Fund, and Marathon Digital, among others. According to Auradine, the round exceeded its initial target of $70 million due to heightened investor interest.

CEO and co-founder Rajiv Khemani disclosed that the Series B round comprised $60 million in equity and $20 million in debt, mirroring the structure of Auradine’s previous Series A round, which totaled $81 million. While Khemani refrained from commenting on the company’s current valuation, he expressed confidence in Auradine’s trajectory towards potentially reaching a $1 billion valuation in the future.

Auradine’s Series B funding comes ahead of the anticipated Bitcoin halving event, which is expected to occur next week. Khemani noted that the company has already secured $80 million in bookings and boasts an order pipeline exceeding $200 million, driven by robust demand for its Teraflux bitcoin miners.

With a focus on energy efficiency and demand response, Auradine anticipates that its products, particularly its EnergyTune capability and energy-efficient silicon, will align well with post-halving market dynamics.

Established in 2022 and headquartered in California, Auradine introduced its Teraflux bitcoin miners in November last year. The company has since supplied its machines to over 30 prominent data-center-scale miners. Notably, Auradine emphasizes the importance of designing its bitcoin miners in the U.S. to ensure decentralized supply and enhance national security amid geopolitical challenges.

While Bitcoin miners constitute Auradine’s inaugural product line, the company is exploring opportunities to expand into other sectors, including blockchain and artificial intelligence. Khemani revealed that Auradine is actively developing additional product lines within these domains, aiming to deliver innovative solutions soon.

Currently employing approximately 75 individuals, Auradine plans to expand its workforce, particularly in research and development and supply chain operations, to support its growth initiatives.

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International cryptocurrency exchange platform Coinbase has introduced an easier way for UK customers to engage in cryptocurrency transactions with the launch of Apple Pay integration.

The announcement, made on Wednesday, reflects Coinbase’s commitment to fostering greater crypto adoption in the UK.

Apple Pay Integration Facilitates Crypto Transactions in the UK

The UK holds significant importance for Coinbase, witnessing over $1.39 billion in cryptocurrency gains last year alone. The introduction of Apple Pay integration is poised to streamline the process of buying and selling cryptocurrencies for UK residents.

Daniel Seifert, Coinbase’s Country Director for the U.K. and Vice President, of EMEA, expressed pride in the announcement, emphasizing that the integration allows UK users to leverage Apple Pay for easy, secure, and private cryptocurrency transactions online and in-app. Seifert highlighted the alignment of this move with Coinbase’s overarching goal of enhancing accessibility to digital assets in the UK.

Challenges and Opportunities in the Crypto Market

The launch of Apple Pay coincides with a period of challenges in the crypto market. Coinbase’s latest market commentary report, released on April 5, highlighted a slowdown in crypto volumes as the market seeks new narratives to drive further growth.

However, Coinbase remains optimistic about the market’s prospects, particularly with the upcoming Bitcoin halving event scheduled for April 20 or 21. This event will witness a reduction in the block reward for Bitcoin miners, potentially leading to a decrease in Bitcoin supply and an associated increase in its price.

Positive Developments for Coinbase and the UK Crypto Market

Both the introduction of Apple Pay integration and the impending Bitcoin halving event are viewed as positive developments for Coinbase and the UK crypto market at large.

With its strategic position, Coinbase stands to benefit from the growing interest in cryptocurrencies within the UK. The integration of Apple Pay represents a significant step forward in enhancing accessibility to cryptocurrencies for UK residents, aligning with Coinbase’s mission to make digital assets more accessible globally.

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